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Business cycles are analysed according to the traditional methodology proposed by Kydland and Prescott (1990) to define stylised facts for the Mexican case. Previous studies are extended by using alternative filters for removing trends, using a larger variables set of monthly data and also analysing the dynamics of investment, inflation and trade balance. Some of the most important results are the endogenous character of monetary and fiscal policies in terms of their relationship with the cycle, the negative effects of inflation on growth, the counter-cyclical nature of imports and trade balance, and the important role of the real exchange rate on the business cycle, inflation and trade balance performance.

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